Investments

KeyMe Raises $50M In Growth Funding For Key Duplication Kiosks

KeyMe, the robotics and artificial intelligence (AI) company catering to the locksmith industry, announced on Wednesday (April 10) that it raised $50 million in growth funding.

In a press release, KeyMe said the investment came from funds managed by the global credit team at BlackRock. The company provides residential, commercial and vehicle key duplication services. It has a network of more than 2,300 smart kiosks, deployed in retailers around the country. KeyMe noted it is highly rated, with a 4.8 out of five stars from more than 20,000 reviews on Google. That compares to the industry average of 2.1, the company said. Proceeds from the funding round will go toward expanding the footprint of kiosks in new and existing retailers, and to developing additional services.

"Our team is focused on providing unrivaled customer experience in this $12-billion-a-year industry," said Greg Marsh, KeyMe CEO, in the press release. "This new round of investment from BlackRock will allow us to further accelerate our product roadmap and increase our national reach as we bring our service to tens of millions of consumers and businesses.”

Some of the retailers in which KeyMe is located include Acme, Bed Bath & Beyond, Kmart, Kroger and Rite Aid. The company boasts the ability to duplicate most vehicle and RFID keys in around 30 seconds. Users are able to save, copy and share keys through text and email. The new keys are shipped within three to five days via standard mail.

Jason Ridloff, managing director of BlackRock's global credit team, said in the press release that the firm was interested in investing in KeyMe due to its expanding roster of retail partners, its growing national footprint and its leadership team.

“We are excited to support KeyMe’s next phase of growth with this investment, which offers our clients the potential for attractive risk-adjusted returns,” said Ridloff.

In September 2017, KeyMe raised $25 million in a series D round of venture funding as well.

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